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USA Economy vs European Union Economy vs China Economy – Economy Comparison 2022


Economic Comparison Between United States (USA), European Union and China on the basis of Economic Indicators like GDP, Labor Force, Exports, Imports, Macro-Economic Indicators, Finances, and Infrastructures.

USA Economy:
The economy of the United States is a highly developed market economy. It is the world’s largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity (PPP) behind China. It had the world’s ninth-highest per capita GDP (nominal) and the fifteenth-highest per capita GDP (PPP) in 2021. The United States has the most technologically powerful and innovative economy in the world. Its firms are at or near the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. The U.S. dollar is the currency most used in international transactions and is the world’s foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market. Several countries use it as their official currency and in others it is the de facto currency. The largest U.S. trading partners are China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan. The U.S. is the world’s largest importer and the second-largest exporter. It has free trade agreements with several countries, including the USMCA, Australia, South Korea, Israel and several others that are in effect or under negotiation.

European Union Economy:
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union’s GDP was estimated to be around $15 trillion (nominal) in 2020, representing around 1/6 of the global economy.
The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. The euro is used by 19 of its 27 members, overall, it is the official currency in 25 countries, in the eurozone and in six other European countries, officially or de facto.
The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labor. The GDP per capita (PPP) was $43,188 in 2018, compared to $62,869 in the United States, $44,246 Japan and $18,116 in China.

China Economy:
The economy of the People’s Republic of China is a developing market-oriented mixed economy that incorporates economic planning through industrial policies and strategic five-year plans. Dominated by state-owned enterprises (SOEs) and mixed-ownership enterprises, the economy also consists of a large domestic private sector and openness to foreign businesses in a system described as a socialist market economy. State-owned enterprises accounted for over 60% of China’s market capitalization in 2019 and generated 40% of China’s GDP of US$15.97 trillion(101.36 trillion yuan) in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%. As of the end of 2019, the total assets of all China’s SOEs, including those operating in the financial sector, reached US$78.08 trillion. Ninety-one of these SOEs belong to the 2020 Fortune Global 500 companies. China has the world’s second largest economy when measured by nominal GDP, and the world’s largest economy since 2014 when measured by Purchasing Power Parity (PPP). It has been the second largest by nominal GDP since 2010, with data relying on fluctuating market exchange rates. A forecast states that China will become the world’s largest economy in nominal GDP by 2028.

0:00 Introduction
0:11 Area Comparison
0:20 Population
0:26 Government
0:34 Currency Comparison
0:40 Nominal GDP
0:48 GDP By Sector
0:55 GDP (PPP)
1:03 GDP Per Capita
1:11 Labor Force
1:19 Main Industries
1:42 Largest Companies
1:50 Billionaires
1:57 Richest Person
2:04 Monthly Income
2:13 Ease of doing Business
2:19 HDI
2:20 Government Budget
2:33 Foreign Direct Investment
2:41 Credit Ratings
2:48 Top Export
2:56 Main Export Partners
3:05 Top Import
3:11 Main Import Partners
3:19 Literacy Rate
3:25 Health Expenditure
3:33 Communication
3:46 Crude Oil
3:59 Roadways
4:06 Railways
4:12 Waterways
4:19 Airports
4:26 Tourist Arrivals
4:33 Natural Gas
4:39 Pipelines
4:46 Outro

Which Country do you Think Is More Economically Powerful? Share Your Views in the Comment Section down below.

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